FXstreet.com (Córdoba) - The rally in the USD/JPY is dragging yen crosses to the upside. GBP/JPY tested earlier the low of September at 139.65 but it was rejected and jumped to 142.02. Cable failed to hold above 142.00 and pulled back to 141.40. Currently it trades at 141.44/47 which is 0.20% above today's opening price action.
Against the Euro, the Yen lost previous gains and currently is being traded at 130.65/70 which is the same level it had at the beginning of the day. EUR/JPY managed to recover from previous losses. During the European session the pair tested levels below key support at 130.00, bottoming at 129.54. The Euro rebounded and rose sharply above 131.00.
The Wells Fargo Research Team comments: The Japanese yen rallied to a nine-month high against the dollar this morning, but failed to sustain the initial move. Comments from Japan's finance minister Fujii were again noted by the market as he said that officials should watch currency markets calmly.